Early Data Suggests Few Taxpayers Reporting Crypto Gains and Losses

An estimated 7% of all Americans are believed to own some type of cryptocurrency. According to early indications from tax firm Credit Karma, however, only a relatively small number of those people are apparently reporting digital currency gains and losses in this year’s tax filings.

Credit Karma has reported that only 100 of the first 250,000 tax filings they’ve managed this year have included disclosures about digital currency taxable events and that is apparently prompting concerns that many digital currency investors may simply continue to ignore their crypto gains during tax filing season. A survey late last year revealed that more than a third of respondents had no intention of reporting their gains or losses.

In a statement, Credit Karma Tax General Manager Jagjit Chawla suggested that the company was surprised at the low rate of reporting:

"Generally, Americans with more complex tax situations file later in the tax season, especially if they expect that they'll owe money. However, given the popularity of Bitcoin and cryptocurrencies in 2017, we'd expect more people to be reporting."

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

Top 10 Biggest Losers

Quotes

I do not take a position on Bitcoin and other proposed currencies in a technical fashion, but I understand the political ramifications of them and I think that government should stay out of them and they should be perfectly legal, even though I don’t endorse (technically) one over another.

Mission Statement

DCEBrief is committed to focus on bringing issues that matter to your attention, utilizing an “Executive Summary” without fluff and filler. When appropriate, we may also include full length articles. Our mission is to keep you informed with timely information. We will need the cooperation of the mainstream media and the full support of our political leaders and regulators to help promote and not stifle innovation for the better good of mankind.